Business Management
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Course Introduction

 

Core Standards of the Course

Strand 1
Planning Function -Students will determine the most effective course of action for setting an organization's goals and deciding how to achieve them.

Standard 1
Describe the importance of a mission statement, vision statement, goals (long-term) and objectives (short-term).

Standard 2
Identify and explain the business decision-making process:

1. DECIDE
   
   • Define goal
   • Establish criteria
   • Choose good options
   • Identify pros & cons
   • Decide the most logical option for the situation
   • Evaluate results

Standard 3
Distinguish between strategic (long-term) and operational (short-term) planning.

1. Identify examples of strategic planning (SWOT analysis)
   
2. Identify examples of operational planning
   

Standard 4
Identify and explain how each planning tool is utilized in the business decision-making process:

1. Budgets
   
2. Schedules
   
3. Standards
   
4. Policies
   
5. Procedures
   
6. Research
   

Standard 5
Understand the importance and purpose of a business plan for managerial success and capital resource allocation.

Standard 6
Compare and contrast the process of planning an online business vs. a brick-and-mortar.

Performance Skills (Choose at least one)

1. Research information on an existing corporation and create an electronic presentation. Include the following:
   
   • mission statement
   • code of ethics (conduct)
   • company history (story)
   • current leadership
   • current financial statements
   • Employee inclusion

     AND/OR

2. create a business plan.
   

Workplace Skills
Students will connect their knowledge with current workplace skills including:

1. Critical thinking
   
2. Problem solving
   
3. Teamwork
   
4. Communication
   

Strand 2
Organizing Function -Students will determine how activities and resources are to be assembled and coordinated.

Standard 1
Identify characteristics, advantages, disadvantages, and examples of basic forms of ownership:

1. Sole Proprietorship
   
2. Partnership
   
3. Corporation
   
4. Franchise
   
5. LLC (Limited Liability Corporation)
   
6. S-Corporation
   

Standard 2
Identify types of organizational structures and how they are utilized within a business:

1. Line
   
2. Line and Staff
   
3. Matrix
   
4. Team
   

Standard 3
Differentiate between management structures (centralized and decentralized) and describe the advantages and disadvantages of each.

Workplace Skills
Students will connect their knowledge with current workplace skills including:

1. Critical Thinking
   
2. Problem Solving
   
3. Teamwork
   
4. Communication
   
5. Legal Requirement/Expectation
   

Strand 3
Leading Function -Students will identify and describe how to influence members of the organization to work together effectively.

Standard 1
Identify successful leaders in the current business industry.

Standard 2
Explore effective leadership qualities which include:

1. Honesty (high standards of integrity)
   
2. Judgment (consider fact carefully & gather new information)
   
3. Objectivity (no bias-look at all sides of a problem)
   
4. Initiative (ambition and persistence in reaching goals)
   
5. Dependability (follow through on commitments)
   
6. Cooperation (work well with others)
   
7. Courage (able to make unpopular decisions)
   
8. Confidence (trust own judgment)
   
9. Stability (not highly emotional, solve problems and reduce conflicts)
   
10. Understanding (understand people, encourage others to share opinions)
    

Standard 3
Identify, compare, and contrast different leadership styles:

1. Autocratic
   
2. Democratic
   
3. Laissez-faire
   

Standard 4
Describe techniques managers use to motivate individual employees:

1. Goal Setting
   
2. Job Advancement
   
3. Cross-training
   
4. Empowerment
   
5. Self-direction
   

Performance Skills

1. Complete an individual student profile comparing their current leadershipskills/characteristics with those they would like to develop in the future.
   
2. Use online resources to research a business leader and prepare an oral presentation using an electronic resource.
   
3. Utilizing leadership skills, organize or participate in one of the following activities: class presentation, collaborative activity, or school service activity.
   

Workplace Skills
Students will connect their knowledge with current workplace skills including:

1. Critical thinking
   
2. Problem solving
   
3. Teamwork
   
4. Communication
   
5. Accountability
   
6. Dependability
   

Strand 4
Controlling Function -Students will evaluate organizational activities and determine a plan of action.

Standard 1
Evaluate and determine alternative actions when goals are not being met (changing goals or changing strategies).

Standard 2
Identify the four steps used in the process of controlling operations within a business:

1. Set standards
   
2. Measure performance
   
3. Analyze performance
   
4. Take corrective action
   

Standard 3
Identify the major factors in operations management:

1. TQM (total quality management)
   
2. Lean
   
3. Supply chain management
   

Workplace Skill
Students will connect their knowledge with current workplace skills including:

1. Critical thinking
   
2. Problem solving
   
3. Communication
   

Strand 5
Financial Information -Students will analyze and understand the importance of financial information in the business decision-making process.

Standard 1
Identify and define basic financial terms used in business:

1. Asset
   
2. Liability
   
3. Owner's Equity
   
4. Revenue
   
5. Expense
   

Standard 2
Analyze basic financial statements used in business:

1. Income Statement
   
2. Balance Sheet
   
3. Cash Flow Statement
   

Standard 3
Analyze and interpret data that appears on financial statements used in making management decisions:

1. Return on Sales
   
2. Breakeven Analysis
   

Standard 4
Identify and explore sources for securing financing to start and operate a business.

1. Personal Savings
   
2. Bank Financing
   
3. SBA Loans
   
4. Crowd Sourcing
   
5. Venture Capital
   

Performance Skills
Utilize an electronic spreadsheet to manipulate financial data. Ex. formulate an income statement, a balance sheet, or a cash flow statement.

Workplace Skills
Students will connect their knowledge with current workplace skills including:

1. Critical thinking
   
2. Problem solving
   
3. Communication
   
4. Mathematical competency
   

Strand 6
Economics -Students will understand economic concepts that affect the business decision-making process.

Standard 1
Understand basic economic terms that affect businesses decision-making

1. Explain the determinants of supply and demand.
   
2. Understand opportunity cost and scarcity.
   
3. Describe the interrelationship between cost and price.
   
4. Describe the concepts of import and export.
   
5. Understand the concept of business life cycle as it correlates with the economy (depression, inflation, recession, expansion)
   

Standard 2
Understand economic factors as they apply to international business:

1. Comparative Advantage
   
2. Absolute Advantage
   
3. Balance/Restriction of Trade (imports, exports, tariff, embargo, sanction)
   
4. Exchange Rate
   

Standard 3
Describe how the law of supply and demand affects price.

Standard 4
Identify, compare, and contrast various types of competition:

1. Monopoly
   
2. Monopolistic Competition
   
3. Government Regulated Monopolies (natural and legal)
   
4. Oligopoly
   
5. Pure competition
   

Workplace Skills
Students will connect their knowledge with current workplace skills including:

1. Critical thinking
   
2. Problem solving
   
3. Mathematical competency
   

Strand 7
Marketing -Students will understand how marketing affects business decisions.

Standard 1
Identify and understand the four P's of the marketing mix:

1. Product
   
2. Place (distribution)
   
3. Price
   
4. Promotion
   

Standard 2
Research markets to determine what the customer values:

1. Market Segmentation (target market, demographics, geographic, psychographics)
   
2. Utility (form, place, time and possession)
   

Standard 3
Understand the use of pricing strategy:

1. Psychological (odd/even, prestige)
   
2. Cost-plus vs Markup
   
3. Penetration vs Skimming
   

Standard 4
Identify and understand distribution channels (place):

1. JIT (just-in-time) Inventory
   
2. Transportation of Goods
   

Standard 5
Recognize the different types of promotions in the promotional mix:

1. Advertising
   
2. Sales Promotion
   
3. Personal Selling
   
4. Public Relations
   

Workplace Skills
Students will connect their knowledge with current workplace skills including:

1. critical thinking
   
2. problem solving
   
3. communication
   

Strand 8
Human Resources -Students will describe human resource management and its importance to the successful operation of an organization.

Standard 1
Compare and contrast management theories:

1. Theories, X, Y, and Z
   
2. Herzberg's Theory
   
3. Maslow's Hierarchy of Needs
   

Standard 2
Explain management responsibilities:

1. Recruiting
   
2. Hiring
   
3. Training
   
4. Appraising
   
5. Firing, Terminating, Dismissing
   
6. Inclusion
   

Standard 3
Understand compensation and benefits:

1. Wage
   
2. Salary
   
3. Insurance (disability, long-term, medical, dental)
   
4. Retirement
   
5. Vacation
   
6. PTO (paid time off)
   

Performance Skills

1. Review a current businesses human resource policy and weigh the pros and cons.

   OR
   

2. Create a new human resource policy for an existing business.
   

Workplace Skills
Workplace Skills Students will connect their knowledge with current workplace skills including:

1. Critical thinking
   
2. Problem solving
   
3. Communication
   
4. Accountability
   
5. Dependability
   

Strand 9
Ethics and Social Responsibility -Students will understand and identify ethics and social responsibility in business.

Standard 1
Understand the purpose of a business code of ethics/conduct.

Standard 2
Explain the overall nature of social responsibility:

1. Philanthropy
   
2. Human Rights Violations
   
3. Child Labor
   
4. Environmental Impact
   
5. Whistle Blowing
   
6. Citizenship (including both digital and moral)
   
7. Diversity
   

Performance Skills
Research and debate a current business ethics case study.

Workplace Skills
Workplace Skills Students will connect their knowledge with current workplace skills including:

1. Critical thinking
   
2. Problem solving
   
3. Communication
   
4. Accountability
   
5. Dependability
   

Strand 10
Legal Regulations -Students will understand legal aspects that regulate business.

Standard 1
Describe how labor legislations affects the workplace:

1. Drug Testing
   
2. ADA (Americans with Disabilities Act)
   
3. Sexual Harassment
   
4. Right-to-privacy
   
5. FLSA (Fair Labor Standards Act)
   

Standard 2
Identify and describe government agencies that regulate business:

1. OSHA (Occupational Safety and Health Administration)
   
2. EEOC (Equal Employment Opportunity Commission)
   
3. FTC (Federal Trade Commission)
   
4. FDA (Food and Drug Administration)
   
5. HIPAA (Health Insurance Portability and Accountability Act)
   
6. FERPA (Family Educational Rights and Privacy Act)
   

Workplace Skills
Students will connect their knowledge with current workplace skills including:

1. Critical thinking
   
2. Problem solving
   
3. Accountability
   
4. Dependability
   
5. Legal requirements
   

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http://www.uen.org - in partnership with Utah State Board of Education (USBE) and Utah System of Higher Education (USHE).  Send questions or comments to USBE Specialist - Racheal  Routt and see the CTE/Business, Finance and Marketing website. For general questions about Utah's Core Standards contact the Director - THALEA  LONGHURST.

These materials have been produced by and for the teachers of the State of Utah. Copies of these materials may be freely reproduced for teacher and classroom use. When distributing these materials, credit should be given to Utah State Board of Education. These materials may not be published, in whole or part, or in any other format, without the written permission of the Utah State Board of Education, 250 East 500 South, PO Box 144200, Salt Lake City, Utah 84114-4200.